HÀ NỘI — Việt Nam aims to develop its International Financial Centre (IFC) into one of the world's top 75 financial centres by 2035, according to a Government plan.

Approved on July 22, the plan sets out a roadmap to build the IFC into a key driver for raising, allocating and using domestic and international financial resources efficiently.

Over the next five years, focus will be placed on completing a specialised legal framework and governance, management and supervision mechanisms for the IFC in line with international standards while piloting priority financial products and services.

From 2031 to 2035, Việt Nam aims to expand its modern financial ecosystem, including capital markets, green finance, digital finance and fintech.

The Government aims to position the IFC among the world’s top 75, the Asia-Pacific’s top 25 and third in ASEAN according to the Global Financial Centres Index or equivalent international index.

The IFC in HCM City is expected to become a comprehensive international financial centre focused on capital markets and traditional and specialised financial services, including fundraising, investment, payments, issuance and trading of financial products.

It will also prioritise asset and fund management and green and digital finance, as well as commodity markets and commodity derivatives linked to international trade and logistics.

Đà Nẵng, meanwhile, is expected to develop as an international financial centre for innovation and financial technology, focusing on digital and tokenised assets, digital payments and specialised platforms and exchanges. 

It will also develop financial services linked to innovation and start-ups, trade finance, supply chain finance and sustainable finance, while piloting new financial technologies, products, services and business models under controlled regulatory frameworks.

HCM City and Đà Nẵng would operate under unified institutional, governance and supervisory standards while leveraging the comparative advantages of each locality and strengthening links between them.

The plan calls for efforts to develop a competitive and internationally attractive legal framework that provides greater regulatory space for new technologies, financial products, services and business models.

It also seeks to establish recognised dispute resolution mechanisms and ensure the enforcement of international rulings to strengthen investor confidence.

Policies will be regularly reviewed and updated to ensure stability and consistency, while retaining enough flexibility to respond to market developments and emerging business models.

Incentives will be introduced together with access to infrastructure and streamlined administrative procedures to create a more favourable business environment.

Building a skilled workforce will be another priority, with special visa, residency and incentive policies to attract international experts in finance, technology and law. — VNS